KEY QUESTION) A commercial fisherman notices the following relationship between hours spent fishing and the quantity of fish caught: Hours Quantity of fish (kg)

Hours quantity of fish (kg)

0 0

1 10

2 18

3 24

4 28

5 30

What is the marginal product of each hour spent fishing?

b. Use these data to graph the fisherman's production function. Explain its shape.

c. The fisherman has a fixed cost of $10 (his rod).

The opportunity cost of his time is $5 per hour. Graph the fisherman's total-cost curve. Explain its shape?